可转换公司债与国有企业（Switching Company bonds and state-owned enterprises）.docVIP

可转换公司债与国有企业（Switching Company bonds and state-owned enterprises） Switching Company bonds and state-owned enterprises Author: Xiang Hongfeng Switching Company debt (convertible bonds) refers to the bondholders (i.e. bondholders) have the right in accordance with the provisions of free will, according to the conversion of bonds price or rate, at the request of conversion period, the company convertible bonds held by the original issuing company issued stock of corporate bonds. Compared with the raise of new shares, the issuance of corporate bonds to raise funds for is more convenient, and the issue of Switching Company debt is very convenient; in addition, because the Switching Company debt holders have turned to the identity of the shareholders creditors from the conversion characteristics and expected benefit minimum guarantee, it is not effective protection of corporate bonds creditors. China began issuing corporate bonds from early 80s to 1993, the promulgation of the law to the issuance of corporate bonds, the time is not long, not only in practice is still in the initial stage, the theory is also not prepared enough, therefore, Switching Company debt in China as a new topic, worthy of study and discussion. First, the status quo of Switching Company bonds The legal system of corporate bonds originated in England, but the first issue of Switching Company debt is not British, but the British law of america. In the middle of nineteenth Century, the New York Erie Railway Corporation issued the worlds first Switching Company debt in order to raise the capital of the railway company. Then, Att Corporation issued a huge amount of Switching Company bonds. This system was in the United States to create a huge economic benefits, has for Germany and Japan to follow, so it from the common law countries gradually spread to continental countries, has become one of the important means of financing in many countries in the world for listed companies to raise funds by virtue of.